Nucleus completes £15m rights issue

Nucleus has completed its £15m rights issue slightly ahead of schedule, with CEO David Ferguson hailing it a “brilliant” end to the year.

The capital raising, undertaken to clear debt, was completed today, with member firms and shareholders providing the funding.

"Nucleus is now the most competitive and most transparent platform which is now financially stable," he says. "This is a brilliant moment for us and a great way to end the year."

Ferguson says the wrap is now debt free and the money raised will be used to repay debt accumulated at start-up and for working capital.

"This makes sure our balance sheet is now commensurate with our growth ambitions," he adds.

Last month, Ferguson told IFAonline the wrap's ownership structure will remain unchanged after its rights issue, with existing shareholders maintaining their proportionate stakes.

Completion of the fund-raising exercise comes on the back of a successful year for the IFA-owned wrap, which saw it pass the £2bn AUM mark in October and achieve £50m of inflows in the first seven working days of November.